TEANECK, NJ — The Kislak Company, Inc. announced the $3.675 million sale of Alma Terrace, a 25-unit multifamily property located at 500 Alma Terrace in Teaneck. The transaction was used for a Section 1031 Exchange by both the seller and purchaser.
Kislak marketed the property on behalf of JGSR LLC, a longtime client for whom Kislak has completed multiple transactions. Vice president Andrew Scheinerman represented the seller and also procured the purchaser, PW LLC, a new client.
“The seller realized a 65% increase in value in the five years they owned the property,” said Scheinerman. “The property yielded a strong price per unit and the market has high barriers to entry.”